The world of cryptocurrency is new to many people and staying safe whilst exchanging and storing these digital assets should always be your greatest priority. We've compiled a list of quick tips to help keep you and your assets safe during this transformative time.
Sounds too good to be true? it probably is
We've all heard this saying, but it's particularly relevant to the cryptocurrency space today. There are always going to be malicious individuals around every corner that want to take advantage of you. Seen a new token on the block that is claiming to offer exorbitant returns? yep, I'm afraid it's probably another money-grab. A short bout of research into the project will no doubt confirm this.
2FA is becoming more and more integrated into our online lives, this is brought about by the greater understanding that passwords are no longer the safest method for securing accounts. We are all guilty of reusing passwords across different platforms, and it's important to recognise that this increases your risk exponentially. You should always enable 2-factor-authentication to access your choice of crypto exchanges and where possible use it across all your online platforms. A powerful tool to have is a Security Key, this is far more secure than traditional software-based authentication and it provides an additional layer of protection against phishing and man-in-the-middle attacks. You can find a link to our range of security keys here.
First rule of fight club?
You guessed it, don't talk about fight club. This applies to cryptocurrency too. The more people that know about your cryptocurrency holdings, the more you become a potential target. Don't paint yourself into this box. Given the potential future values of your assets, you need to recognise the importance of keeping your investments discreet and not sharing this information with the world.
Don't use public networks
When you're out and about it's often tempting to make use of free public Wi-Fi to check on your cryptocurrency portfolio or even trade tokens on an exchange. By doing this you are giving potential hackers easy access into your device and accounts through this publicly accessible network. A good solution to this would be to use a VPN service that encrypts your network activity and disguises your online identity. Better yet, keep your cryptocurrency activity within your house and preferably on a dedicated machine to which only you have access.
This can be quite a daunting task. After all, if you send the cryptocurrency to the wrong address it is lost forever. For this reason, it is best to always double or triple-check that the address you are sending to is correct. Start by making a small transfer, if this is successful then proceed to transfer the full amount.
We know that many of you will already be closely following many of the aforementioned tips, but it's important to hammer home the basics when it comes to keeping your cryptocurrency secure. Just remember, a little extra precaution goes a long way in the crypto-space.